Traditionally, security and economics functionalities in IT financial services and protocols (FinTech) have been perceived as separate objectives. We argue that keeping them separate is a bad idea for FinTech “Decentralized Autonomous Organizations” (DAOs). In fact, security and economics are one for DAOs: we show that the failure of a security property, e.g. anonymity, can destroy a DAOs because economic attacks can be tailgated to security attacks. This is illustrated by the examples of “TheDAO” (built on the Ethereum platform) and the DAOed version of a Futures Exchange. We claim that security and economics vulnerabilities, which we named seconomics vulnerabilities, are indeed new “beasts” to be reckoned with. © Springer International Publishing AG 2017.
The seconomics (security-economics) vulnerabilities of Decentralized Autonomous Organizations / Massacci, Fabio; Ngo, Chan Nam; Nie, Jing; Venturi, Daniele; Williams, Julian. - STAMPA. - 10476:(2017), pp. 171-179. (Intervento presentato al convegno 25th International Workshop on Security Protocols, 2017 tenutosi a Cambridge; United Kingdom nel 2017) [10.1007/978-3-319-71075-4_19].
The seconomics (security-economics) vulnerabilities of Decentralized Autonomous Organizations
Massacci, Fabio;Venturi, Daniele;
2017
Abstract
Traditionally, security and economics functionalities in IT financial services and protocols (FinTech) have been perceived as separate objectives. We argue that keeping them separate is a bad idea for FinTech “Decentralized Autonomous Organizations” (DAOs). In fact, security and economics are one for DAOs: we show that the failure of a security property, e.g. anonymity, can destroy a DAOs because economic attacks can be tailgated to security attacks. This is illustrated by the examples of “TheDAO” (built on the Ethereum platform) and the DAOed version of a Futures Exchange. We claim that security and economics vulnerabilities, which we named seconomics vulnerabilities, are indeed new “beasts” to be reckoned with. © Springer International Publishing AG 2017.File | Dimensione | Formato | |
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